In Tokyo trading on the 7th, USD/JPY fell sharply. After hitting ¥156.28 early in the morning, it continued to trend lower and plunged to the ¥154 range by evening. EUR/JPY fell from ¥181.48 to ¥179.70, while EUR/USD rose from $1.1607 to $1.1631.
In Tokyo trading on the 7th, USD/JPY fell sharply. Amid developments surrounding expectations for an early Federal Reserve rate hike, it briefly hit ¥156.28 in the morning before turning lower. By evening, the dollar had fallen to the ¥154 range as crude oil prices and the dollar continued to weaken.
In the day’s trading, EUR/JPY fell from ¥181.48 to ¥179.70, and the yen’s rise against the dollar was notable. EUR/USD edged up from $1.1607 to $1.1631 amid the dollar’s weakness, while some currency pairs saw active trading.
At 17:00, USD/JPY was reported in a ¥155.00–¥155.10 range and EUR/JPY in a ¥180.70–¥180.80 range. The Nikkei Average ended sharply higher from the previous day at ¥66,399.84. The intraday high was ¥66,668.71 and the low was ¥65,600.42, indicating relatively high volatility.
Among economic indicators, Japan’s leading CI for July was 117.9 and the coincident CI was 120.6, both broadly in line with forecasts, while German industrial production fell 1.1% month on month in July, performing poorly. These indicators may have affected moves in the foreign exchange market.